We do have some breaking news on the hedge fund. Tiger Global. Deirdre Bosa has more in today's

tech check. Deirdre. Hey, Sarah. So in a letter to investors that I obtained from a source, Tiger

Global says it's launching a new private investment fund similar in size to its earliest vintages.

Now, Tiger was part of that mega fund frenzy of 2020 and 2021 when it took positions in OpenAI and Waymo.

Those two companies, they're now leading the current cycle.

In fact, the letter discloses that Waymo is now delivering 450,000 rides per week.

That is nearly double what Waymo last shared in April.

Now, both the letter and the audio from founder Chase Coleman's call

with investors, which I also obtained, point to a strategic reset, a more disciplined,

restrained Tiger Global, less sprained prey approach, which marked that 2020 and 2021 years and

more targeted bets. Now, the largest positions in the last fund, as I mentioned, OpenAI

in Waymo, Tiger first invested, Open AI in Waymo.

Tiger first invested in Open AI in 2021 at evaluation of less than $16 billion.

And in Waymo, that same year, at $39 billion.

So those are stakes that today sit at massive paper gains.

Now, those investments have also helped performance rebound.

Year to date, Tiger's most recent fund,

according to a presentation that I viewed, is up 33 percent a comeback from those declines of the last few years. But guys, amidst market concerns about an AI bubble, the letter and the

audio, they also signaled some concern. The letter says the firm believes that we are in the early

stages of a multi-decade AI value creation cycle, but that it's approaching that shift with

humility and discipline. Now, it explicitly warns that valuations today are elevated and, quote,

at times unsupported by company fundamentals. So the strategy that Coleman lays out now is simple.

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